Key messaging and content matrix – Top ten terms


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Key Messages

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Anti-Money Laundering Both the Cayman Islands and the Cayman Islands financial services industry have been recognised for decades as a strong international partner in combatting corruption, money-laundering, terrorism financing and tax evasion.

Cayman has gained a reputation as a transparent, cooperative jurisdiction by meeting or exceeding all globally-accepted standards for transparency and cross border cooperation with law enforcement.

The OECD recently rated Cayman as “largely compliant” with the international standard for transparency and exchange of information – the same rating given to other G20 Plus countries like Germany, Canada and Australia.

Cayman has adopted at least as many global standards for transparency as any G20 country – and more, when agreements specific to International Financial Centers (IFCs) and UK Overseas Territories are included.

Combatting global financial crime requires a unified legal, social and law enforcement approach by all G20 countries and IFCs together.

As new standards are considered, it is critical that they apply to all jurisdictions equally.

 

G20 Plus

Beneficial Ownership

Not A Tax Haven

Beneficial Ownership – Comparative Advantages The Cayman Islands is a leader in beneficial ownership standards, having had a world class verified beneficial ownership regime in place for more than 15 years.

What distinguishes the Cayman Islands regime apart from most others around the world is that the information in our system is collected and verified by licensed Cayman Islands corporate service providers under existing anti-money laundering and know-your-customer laws.

Many beneficial ownership registries – including central public registers — rely on self-reported information, which can be less complete and accurate.

The information Cayman requires to be collected is available to the authorities making proper requests to Cayman Islands authorities through existing information sharing channels between the Cayman Islands government and the UK as well as other countries.

 

Beneficial Ownership
Cayman Model The Cayman Model demonstrates how a jurisdiction can make the greatest contribution to fighting global financial crime, protecting itself and strengthening the global economy in the process. The Cayman Model combines multilateral cooperation with individual jurisdictional leadership and it extends across seven key areas:

·         Serve as a Premier Global Financial Hub

·         Meet or Exceed Highest Global Financial Standards

·         Operate A Transparent Jurisdiction

·         Manage a Responsible, Effective Tax Regime

·         Maintain Professional Leadership

·         Support Industry Diversification

·         Encourage Industry-Government Collaboration

The Cayman Model not only helps to define our jurisdiction as a responsible financial center, it has earned us a place among the G20 Plus – leading international financial centers and G20 countries who adhere to the highest globally implemented standards for combatting global financial crime.

If other IFCs can adapt this model to their own jurisdictions, we realize our potential to successfully disrupt economic crime.

Industry Key Messaging

Industry Visual

G20 Plus

Beneficial Ownership

Not A Tax Haven

Premier Global Financial Hub Efficiently connect law-abiding users and providers of investment capital and financing around the world, benefitting developed and developing countries.

·         Approximately two-thirds of the world’s hedge funds are domiciled in Cayman.

·         Growing private equity with more than 20,000 vehicles in Cayman.

We enable parties from around the world who are domiciled in countries that may have differing: laws, regulations, tax rules and customs to benefit from doing business with each other using Cayman as an efficient and effective global financial hub.

The Cayman Islands is a strong partner in combating global financial crime.

The Cayman Islands has demonstrated track record of cooperating with requests that are in line with global regulatory standards for anti-money laundering, countering the financing of terrorism, and tax matters.

 

Industry Key Messaging

Industry Visual

Tax – Not Aggressive Tax Avoidance The Cayman Islands is a premier global financial hub efficiently connecting law abiding users and providers of investment capital and financing around the world — benefiting developed and developing countries.

International policymakers continue to recognise the vital role Cayman’s financial services industry plays as a strong international partner in combatting corruption, money-laundering, terrorist financing and tax evasion.

Cayman meets or exceeds all globally-accepted standards for transparency and cross border cooperation with law enforcement. This commitment to global transparency standards makes Cayman a very unattractive destination for would-be tax evaders or aggressive tax avoiders.

 

A review of the definitions of a tax haven used by leading transparency organizations contrasted with the real legal, regulatory and legislative basis for the Cayman Islands financial services industry clearly demonstrates Cayman is a transparent, tax neutral jurisdiction and not a tax haven.

While Cayman adds no additional tax to financial services in its jurisdiction, investors are still subject to their home jurisdiction’s relevant taxes. In addition, Cayman meets or exceeds all globally-accepted standards for transparency and cross border cooperation with law enforcement.

 

G20 Plus

Beneficial Ownership

Not A Tax Haven

Tax – Cooperative Jurisdiction International policymakers continue to recognise the vital role Cayman’s financial services industry plays as a strong international partner in combatting corruption, money-laundering, terrorist financing and tax evasion.

Cayman meets or exceeds all globally-accepted standards for transparency and cross border cooperation with law enforcement. This commitment to global transparency standards makes Cayman a very unattractive destination for would-be tax evaders or aggressive tax avoiders.

The OECD recently rated Cayman as “largely compliant” with the international standard for transparency and exchange of information – the same rating given to other G20 Plus countries like Germany, Canada and Australia.

 

A review of the definitions of a tax haven used by leading transparency organizations contrasted with the real legal, regulatory and legislative basis for the Cayman Islands financial services industry clearly demonstrates Cayman is a transparent, tax neutral jurisdiction and not a tax haven.

While Cayman adds no additional tax to financial services in its jurisdiction, investors are still subject to their home jurisdiction’s relevant taxes. In addition, Cayman meets or exceeds all globally-accepted standards for transparency and cross border cooperation with law enforcement.

Cayman has adopted automatic exchange of tax information to authorities in other countries. Under the CRS and FACTA agreements, Cayman will proactively share tax information with other governments – a level of transparency which essentially assists them in the collection of their own taxes, regardless of what their unique tax laws are.

 

G20 Plus

Beneficial Ownership

Not A Tax Haven

Tax – Not Evasion The Cayman Islands is a premier global financial hub efficiently connecting law abiding users and providers of investment capital and financing around the world — benefiting developed and developing countries.

International policymakers continue to recognise the vital role Cayman’s financial services industry plays as a strong international partner in combatting corruption, money-laundering, terrorist financing and tax evasion.

Cayman meets or exceeds all globally-accepted standards for transparency and cross border cooperation with law enforcement. This commitment to global transparency standards makes Cayman a very unattractive destination for would-be tax evaders or aggressive tax avoiders.

The OECD recently rated Cayman as “largely compliant” with the international standard for transparency and exchange of information – the same rating given to other G20 Plus countries like Germany, Canada and Australia.

 

A review of the definitions of a tax haven used by leading transparency organizations contrasted with the real legal, regulatory and legislative basis for the Cayman Islands financial services industry clearly demonstrates Cayman is a transparent, tax neutral jurisdiction and not a tax haven.

While Cayman adds no additional tax to financial services in its jurisdiction, investors are still subject to their home jurisdiction’s relevant taxes. In addition, Cayman meets or exceeds all globally-accepted standards for transparency and cross border cooperation with law enforcement.

 

G20 Plus

Beneficial Ownership

Not A Tax Haven

Tax – Not A Tax Haven The Cayman Islands is a premier global financial hub efficiently connecting law abiding users and providers of investment capital and financing around the world — benefiting developed and developing countries.

International policymakers continue to recognise the vital role Cayman’s financial services industry plays as a strong international partner in combatting corruption, money-laundering, terrorist financing and tax evasion.

Cayman meets or exceeds all globally-accepted standards for transparency and cross border cooperation with law enforcement. This commitment to global transparency standards makes Cayman a very unattractive destination for would-be tax evaders or aggressive tax avoiders.

The OECD recently rated Cayman as “largely compliant” with the international standard for transparency and exchange of information – the same rating given to other G20 Plus countries like Germany, Canada and Australia.

 

A review of the definitions of a tax haven used by leading transparency organizations contrasted with the real legal, regulatory and legislative basis for the Cayman Islands financial services industry clearly demonstrates Cayman is a transparent, tax neutral jurisdiction and not a tax haven.

While Cayman adds no additional tax to financial services in its jurisdiction, investors are still subject to their home jurisdiction’s relevant taxes. In addition, Cayman meets or exceeds all globally-accepted standards for transparency and cross border cooperation with law enforcement.

 

G20 Plus

Beneficial Ownership

Not A Tax Haven

Tax – Globally Responsible, Effective Tax Regime Like all other jurisdictions, Cayman has the right to establish a tax regime that collects the right taxes from the right people at the right time within its jurisdiction. Unlike other jurisdictions, Cayman has chosen to use fees and other taxes instead of an across-the-board corporate income tax.

Cayman’s globally responsible tax regime meets or exceeds the revenue targets used by other leading countries around the world, generating government taxation revenue equal to approximately 28% of our GDP (2015). It’s a taxation revenue raising system that works well for our jurisdiction and very adequately funds our government operations and keeps our debt-to-GDP ratio modest.

The Cayman Islands also meets none of the descriptions used by entities like the OECD or Transparency International to define a tax haven.  Our system also purposefully lacks any laws or agreements to support the shifting of tax base by foreign entities to avoid corporate taxes in their home jurisdictions.

This responsible approach to taxation is central to the Cayman Model and a distinguishing feature of our jurisdiction among IFCs.

 

G20 Plus

Beneficial Ownership

Not A Tax Haven

Tax – Transparency Cayman and its financial services industry have been recognized for decades as a strong international partner in combatting corruption, money-laundering, terrorism financing and tax evasion. In fact, Cayman has adopted more of the nearly twenty global financial standards than any other G20 Plus jurisdiction. These standards include the OECD Common Reporting Standard as well as US & UK FATCA.

Adopting and implementing these standards is a key part of how Cayman contributes to global efforts to combat financial crimes.

The OECD recently rated Cayman as “largely compliant” with the international standard for transparency and exchange of information – the same rating given to other G20 Plus countries like Germany, Canada and Australia.

Cayman has adopted automatic exchange of tax information to authorities in other countries. Under the CRS and FACTA agreements, Cayman will proactively share tax information with other governments – a level of transparency which essentially assists them in the collection of their own taxes, regardless of what their unique tax laws are.

 

G20 Plus

Beneficial Ownership

Not A Tax Haven

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